Orthogonal Default event
Overview
Credit trading outfit Orthogonal Default failed to repay approximately $36 million in borrowings across eight facilities on the DeFi lending platform Maple Finance in early December 2022. The sum comprised roughly $31 million from the M11 USDC pool and $5 million from an M11 WETH pool. According to Maple, Orthogonal had falsified its financial condition and was trading while effectively bankrupt, primarily due to capital stranded on the collapsed FTX exchange. The incident impacted around 30% of Maple's then-outstanding loans; Maple cut ties with Orthogonal, which entered provisional liquidation before the end of that month.
Relations
No connections recorded for this entity in The Counterparty knowledge graph yet.
Frequently asked questions
What is Orthogonal Default?
Orthogonal Default is an event tracked in The Counterparty knowledge graph.
What type of entity is Orthogonal Default?
Orthogonal Default is classified as an event (event) in The Counterparty knowledge graph.
Sources
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